This week in cryptocurrency saw Bitcoin surging past $90k while Ethereum revealed a 5-year strategic upgrade plan. MANTRA burned millions of its undervalued token in an effort to restore trust. Other noteworthy events include Trump Media’s partnership with Crypto.com for crypto ETFs and Standard Chartered’s bullish Bitcoin predictions amid Federal Reserve pressures. IMX soared on a new Ubisoft game deal, while Cantor, Tether, and SoftBank launched a $3 billion Bitcoin fund.
This week brought significant developments in the cryptocurrency world, including Bitcoin’s meteoric rise past the $90,000 mark. Notably, Ethereum announced a five-year strategy aimed at enhancing both security and scalability. In lighter news, after a significant drop in value, MANTRA opted to burn millions of its $OM tokens. Also, Trump Media is collaborating with Crypto.com for a series of crypto ETFs. This article takes a closer look at the week’s most important happenings in the crypto space.
Bitcoin experienced a noteworthy surge, reaching a high of $95,301 this week after climbing from $83,300. This impressive increase has pushed 91% of Bitcoin wallet holders back into profit, marking the highest level this cycle. The motivation behind this jump can be traced to $300 million incoming into spot ETFs, alongside a notable accumulation by ‘whales’. The focus now shifts to a potential breakout above the $96,000 resistance level, which, if achieved, might lead to even greater growth.
On the Ethereum front, the network is taking a methodical approach, with co-founder Vitalik Buterin emphasising the importance of thorough research over expedient solutions. The upcoming Pectra upgrade, set to roll out in May 2025, is aimed at enhancing staking processes, security, and fee reduction. Over the next three to five years, Ethereum plans to emphasise improving Layer 1 and Layer 2 functionalities, along with many innovative ideas to handle forthcoming challenges like quantum computing.
In a bid to restore credibility after a staggering 90% collapse in the value of $OM, MANTRA’s CEO John Mullin announced a burn of 150 million tokens, which constitutes his entire allocation. This initiative aims to shrink the total supply by 17% and enhance staking rewards. Plans are also in the pipeline to implement another 150 million token burn with partners, bringing the total to potentially 300 million. Reactions have been mixed; some applaud the initiative while others worry it may indicate deeper issues.
In another headline, Trump Media is teaming up with Crypto.com and Yorkville America Digital to launch crypto ETFs that will integrate popular cryptocurrencies like Bitcoin and CRO with American equities. These ETFs are intended for a worldwide audience but will need SEC approval first. Investments from TMTG could reach $250 million, with additional financial products planned under the brand Truth.Fi.
Standard Chartered has issued a forecast that Bitcoin could reach new all-time highs amid growing concerns over the Federal Reserve’s stability. With increasing pressure on Fed Chair Jerome Powell, investors are losing faith in the US financial system. The bank believes Bitcoin serves as both a tech proxy and a safeguard against systemic risks, aiming for a price point of $200,000 by 2025, and $500,000 by 2028 as demand for decentralized assets climbs.
Adding to market excitement, Immutable’s IMX token jumped by 40% following the announcement of a collaboration with Ubisoft to launch a Web3 card game called Might & Magic: Fates. This game aims to provide true ownership of in-game assets, combining Ubisoft’s extensive gaming experience with Immutable’s blockchain technology. The IMX token price rose sharply from $0.46 to $0.65, indicating strong investor enthusiasm.
A group, including Cantor Fitzgerald, Tether, and SoftBank, is setting up a hefty $3 billion Bitcoin fund to buy BTC at a fixed price through 21 Capital. This initiative is a larger scale version of MicroStrategy’s previous model, with contributions of $1.5 billion coming from Cantor, $900 million from SoftBank, and $600 million from Bitfinex. Additionally, a bond and private equity development could bring in another $550 million, showcasing a strengthening institutional interest in Bitcoin as regulations in the US appear to improve.
On a different note, the Trump Token spiked by over 70% after Donald Trump announced an exclusive private dinner for the top 220 token holders. Scheduled for May 22 at Trump National Golf Club, the event presents various VIP offers, such as a tour of the White House, boosting excitement amongst traders, which resulted in a trading volume increase of 548% and escalating the token’s market value to $2.5 billion. Despite the hype, however, some analysts caution against its sustainability.
In further crypto developments, the CME Group is gearing up to launch XRP futures contracts on May 19, 2025, pending regulatory clearance. The contracts will be cash settled in USD and will come in sizes of either 2,500 XRP or 50,000 XRP. This announcement comes on the heels of increasing growth of CME’s crypto derivatives, which saw impressive daily volumes. Robinhood is expected to facilitate trading of these futures for retail investors, indicating a surge of interest in XRP as a quick and cost-effective solution for cross-border payments.
In terms of stablecoins, Solana has made headlines by reaching an all-time high total supply of $12 billion, driven by strong demand for rapid and low-cost transactions. USDC is leading the charge with nearly $9.9 billion in circulation, benefiting from its transparency and connections with institutional players. While Tether holds the second spot, its market share has stagnated. Other rising stablecoins such as USDY and PayPal USD are gaining ground as well, solidifying Solana’s reputation in the DeFi space.
Litecoin also made strides, boasting a growth of over 30% this month, hitting $83.50, largely due to bullish predictions of a potential spot ETF approval. After bouncing from a crucial $61 support level, technical analysts are optimistic about Litecoin reaching a price of $142 if positive momentum continues. The ongoing optimism surrounding ETFs, combined with long-term holders accumulating, suggests a promising outlook; however, failure to breach critical resistance could see LTC’s price dip back down towards $50.
On the cybersecurity front, the notorious Lazarus Group from North Korea has been uncovered for creating fraudulent US companies aimed at scamming crypto developers. Posing as tech startups through firms like Blocknovas LLC and Softglide LLC, they attracted victims with false job advertisements, leading to malware infections that compromised sensitive data. The FBI has intervened, seizing several critical domains linked to these phishing activities.
Lastly, the TON Foundation has announced plans to discontinue its Toncoin bridge to Ethereum and Binance Smart Chain by May 10, 2025. This decision marks a significant transition towards focusing on native ecosystem growth. Although the bridge facilitated over 100 million secure transfers since its inception in 2021, it’s viewed as outdated in the face of emerging cross-chain tools. Users are urged to bridge out before the deadline as wrapped TON liquidity will be phased out following the closure.
